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   DealBook: Google sets the pace
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   Also, Lina Khan’s big new role.
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             July 23, 2026
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         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Good morning. Andrew here.
         </span>
         <span>
          Keep your eyes on this storyline: Mark Zuckerberg of Meta released an ad this morning, arguing that A.I. is ultimately about helping people — a clear attempt to articulate how the technology is meant to assist, not replace, you.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The industry is coming to a realization: Hyper-focusing on the raw power of A.I. and its return on investment for companies has backfired. That approach ignited widespread public anxiety (remember the booing at commencement speeches this year?) instead of excitement about human empowerment or breakthroughs in health care.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Jeff Bezos recently told me that he believes that A.I. will create more jobs, not fewer. Tech leaders may genuinely believe this, but for a worried public, it is firmly a “show-me” situation. As multiple C.E.O.s have been telling me, if the industry doesn’t deliver on these promises, A.I. won’t just face regulation. It could become the defining wedge issue of the 2028 election.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          On a personal note: My mother-in-law, Bobbi Queen, died this month at 84. She spent four decades as an arbiter of fashion at Women’s Wear Daily, where she championed female designers like Donna Karan and Vera Wang. Here’s
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          The Times’s obituary
         </a>
         <span>
          of her. (Was this newsletter forwarded to you?
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Sign up here.
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          )
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             <span style="color:#666;font:normal 14px georgia,serif">
              Google raised its forecast for capital expenditures for the year, despite investor anxiety over tech giants’ spending.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Steve Marcus/Reuters
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Capex concerns
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Alphabet, Google’s parent company, just reported
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          $112 billion in quarterly profit
         </a>
         <span>
          , up fourfold from a year earlier.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Yet Wall Street is far more focused on what Google’s capital expenditure plans say about the state of the artificial intelligence race, and whether tech giants’ lavish investments will pay off.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Google’s results suggest that its A.I. capex is worthwhile.
         </span>
         <span>
          The company’s cloud business, which rents out computing power and A.I. models to corporate clients, reported an 82 percent surge in revenue, to $24.8 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Unlike many other tech companies, Google can also directly benefit from its investments in more sophisticated A.I., applying the technology to its important advertising business. Ad revenue for the quarter rose roughly 14 percent, to $81.6 billion.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But Google said it planned to spend even more on A.I.,
         </span>
         <span>
          raising its capex forecast for the year yet again, to $195 billion to $205 billion. That’s a big financial strain, even for Google: The company
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          reported negative quarterly free cash flow
         </a>
         <span>
          , a rarity.
         </span>
        </p>
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Sundar Pichai
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , its C.E.O., defended the move: “Our A.I. investments are redefining what’s possible across every part of our business,” he said.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Will other tech giants follow suit?
         </span>
         <span>
          One that seemingly will is Tesla, which is increasingly betting on things like autonomous vehicles and robots. “This is a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          massive capex year
         </a>
         <span>
          , but I’m confident that all the ​things that we are investing in will yield incredible returns,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Elon Musk
         </span>
         <span>
          told analysts yesterday.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The real test will come next week, when Amazon, Meta and Microsoft report. (Expect them to continue spending heavily: Meta, for instance, just put out a promotional video declaring that it was
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          “doubling down” on A.I.
         </a>
         <span>
          )
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Big A.I. labs are investing a lot, too:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Anthropic agreed to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy up to two gigawatts’ worth
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of the latest AMD chips; in return, AMD will invest up to $5 billion in the company.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                OpenAI has reportedly raised its projected spending on computing power to a
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                staggering $750 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                through 2030, according to The Wall Street Journal.
               </span>
              </li>
             </ul>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          But the specter of rivals from China looms large.
         </span>
         <span>
          Even U.S. tech leaders acknowledge how good their Chinese counterparts have become: “It’s a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          pretty good model
         </a>
         <span>
          ,”
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Greg Brockman
         </span>
         <span>
          , OpenAI’s president, said of Moonshot AI’s Kimi K3 software.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          But while Brockman didn’t speculate about whether those rival offerings got so good through illicit means, a top A.I. official in Washington was less circumspect:
         </span>
        </p>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Michael Kratsios
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the director of the White House’s Office of Science and Technology Policy, accused Moonshot of
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                illegally gaining access to Nvidia chips
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                in violation of U.S. export controls.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                He also accused Moonshot of training Kimi K3 by improperly extracting information en masse from Anthropic’s Fable.
               </span>
              </li>
             </ul>
            </td>
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          </tbody>
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        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The accusations raise the possibility of the Trump administration
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          moving to clamp down
         </a>
         <span>
          on open-weight software from China. But for Wall Street, the bigger question is whether hyperscalers’ skyrocketing capex makes sense when cheaper Chinese models are
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quickly catching up
         </a>
         <span>
          to Western rivals.
         </span>
        </p>
        <table border="0" cellpadding="0" cellspacing="0" style="width:100%">
         <tbody>
          <tr>
           <td height="30">
           </td>
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          <td style="padding:0;font-size:0;border-top:8px solid #000">
           <h3 style="color:#000;font:700 17px/25px arial,sans-serif;margin:5px 0 30px 0;letter-spacing:.2px">
            <span>
             HERE’S WHAT’S HAPPENING
            </span>
           </h3>
          </td>
         </tbody>
        </table>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Oil hits a seven-week high.
         </span>
         <span>
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Brent crude
         </a>
         <span>
          , the international benchmark for oil, climbed above $98 a barrel this morning after the Houthis, an Iranian-backed militant group in Yemen, claimed strikes yesterday
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          on two Saudi oil tankers
         </a>
         <span>
          in the Red Sea. Investors worry a new front in the war in the Middle East could stoke inflation fears and pressure central banks to raise interest rates.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Google is fined $1 billion.
         </span>
         <span>
          E.U. regulators hit the tech giant with the hefty fine after finding that it had illegally undercut competition
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          via its dominance in search
         </a>
         <span>
          and boosted its services in areas like shopping and travel. The move may escalate tensions with
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          President Trump
         </span>
         <span>
          , who has threatened to retaliate against the bloc for what he views as the unfair targeting of American technology companies.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          More Amazon workers are on food stamps and Medicaid.
         </span>
         <span>
          A U.S. Government Accountability Office study found a big increase in the number of employees at Amazon and those of delivery and ride-share companies on the list of working adults who
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          required government assistance
         </a>
         <span>
          , following a recent trend of more Americans turning to part-time warehouse and gig work. In other Amazon news, the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          tech giant is laying off
         </a>
         <span>
          an unspecified number of employees in a unit focused on artificial intelligence.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The E.U. approves Paramount’s purchase of Warner Bros. Discovery.
         </span>
         <span>
          The bloc gave
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          conditional approval to the deal
         </a>
         <span>
          after Paramount agreed to end a distribution accord with Universal Pictures in Europe within 13 months of the transaction closing. Investors are nonetheless pricing in the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          likely delays
         </a>
         <span>
          to the deal in the U.S., as 12 states sue to stop the merger on antitrust grounds.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Republican senators revise a major crypto bill, with the White House’s blessing.
         </span>
         <span>
          Before a potential
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          floor vote next week
         </a>
         <span>
          ,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          they released a
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
         </span>
         <span>
          draft of the Clarity Act that
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          addresses a major sticking point
         </a>
         <span>
          : barring public officials, including Trump, from sponsoring or issuing digital coins while they are in government. But the proposed rule does not apply to their children and is set to lapse in 2029. It may not be enough to win over enough Democrats who’ve grown concerned about Trump’s big crypto earnings while in office.
         </span>
        </p>
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           <td style="border-top:1px solid #dcdcdc;padding-top:15px">
           </td>
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           <td>
            <div style="width:100%;text-align:center;line-height:0">
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           <td style="text-align:center">
            <img alt="Lina Khan, the former F.T.C. chair, in a white jacket and tan pants, sitting in an armchair behind a microphone." class="css-18ei5jy" height="333" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F23%252Fmultimedia%252F23db-khan-jzbq%252F23db-khan-jzbq-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ4MDgyNzMuNTY0NDE5M30:1wmsAD:y8hV_L7GIAUKrONyQcQPD3RtADZoFOgGDnQp5rn-kNk" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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            <span class="css-14cus5q" style="display:inline-block;width:83%;max-width:500px;text-align:left">
             <span style="color:#666;font:normal 14px georgia,serif">
              Lina Khan has found a new act: heading the board of an influential New York City economic development agency.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              Karsten Moran for The New York Times
             </span>
            </span>
           </td>
          </tr>
         </tbody>
        </table>
        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Mamdani’s latest test to New York businesses
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          From the moment
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Zohran Mamdani
         </span>
         <span>
          emerged as a leading candidate for mayor of New York City, corporate leaders have worried that he would be hostile to the business community.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mamdani, a democratic socialist, has insisted he can keep the interests of both business and his political supporters in balance. That tension is visible in his latest move:
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          picking the leadership
         </a>
         <span>
          of the city’s Economic Development Corporation
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          ,
         </span>
         <span>
          an agency with a crucial role in setting New York’s economic agenda.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Here’s who will lead the nonprofit group
         </span>
         <span>
          , which helped build the High Line and plan the Hudson Yards development:
         </span>
        </p>
        <div style="margin:0 auto;max-width:600px;width:100%">
         <table>
          <tbody>
           <tr>
            <td style="padding:0 0 5px">
             <ul class="css-1dtd48z" style="color:#000;font:20px georgia,serif;text-align:left;padding-left:50px;list-style-type:square;margin-bottom:10px">
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Lina Khan
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the former F.T.C. chair, will be the chair of its board.
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Anthony Shorris
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a partner at McKinsey &amp; Company, will become its C.E.O.
               </span>
              </li>
             </ul>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Khan needs little introduction.
         </span>
         <span>
          The legal scholar used her tenure as F.T.C. chair to strictly police corporate giants, especially technology companies. That riled even Democratic-leaning corporate donors: The venture capitalist
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Reid Hoffman
         </span>
         <span>
          , for instance, publicly called for
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          replacing her as F.T.C. chair
         </a>
         <span>
          .
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Shorris is less prominent, but is a known quantity among business leaders.
         </span>
         <span>
          He served as first deputy mayor under
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Bill de Blasio
         </span>
         <span>
          , overseeing key initiatives like universal pre-K.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          The corporate community wasn’t sure what to expect.
         </span>
         <span>
          The selection came after a
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          search for an E.D.C. president
         </a>
         <span>
          , with Mamdani officials interviewing at least 10 candidates across the ideological spectrum.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          And some business leaders grew nervous early this year after a memo from
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Julie Su
         </span>
         <span>
          , the city’s first deputy mayor for economic justice, said the E.D.C. should focus on “
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          quality (not just number) of jobs created
         </a>
         <span>
          for the people who call N.Y.C. home.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Mamdani strove to present the hires as a well-balanced duo to lead the E.D.C.’s mission, saying at a recent news conference that “economic development and economic justice must go hand in hand. This is no radical concept.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Business leaders remain wary.
         </span>
         <span>
          For instance,
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Steven Fulop
         </span>
         <span>
          , the head of the Partnership for New York City, which represents many corporate giants, described the appointments as a “mixed message,”
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          adding
         </a>
         <span>
          :
         </span>
        </p>
        <p class="css-14jlz04" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
         <span>
          Lina Khan’s reputation has been built on an adversarial approach to large enterprises at the federal level, whereas NYCEDC’s mission has always been to support the growth and investment in NYC. It’s unclear to us the ultimate direction EDC will be taking and how this will play out over time.
         </span>
        </p>
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            <img alt="Russlynn Ali is shown holding a microphone and wearing a black-and-white patterned dress while sitting onstage for a panel discussion. " class="css-18ei5jy" height="345" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nyt.com%252Fimages%252F2026%252F07%252F23%252Fbusiness%252F23DB-Ali%252F23DB-Ali-jumbo.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3ODQ4MDgyNzMuNTY0OTA4M30:1wmsAD:PtanwYrS_2IDIaqWRefma4oEkln7_xqPdRGUsMEZ5FA" style="display:inline-block;width:83%;max-width:500px;height:auto;padding-top:10px;padding-bottom:8px" width="500"/>
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             <span style="color:#666;font:normal 14px georgia,serif">
              Russlynn Ali left her job as C.E.O. of the nonprofit group XQ Institute this month.
             </span>
             <span style="margin:0;font:11px/11px georgia,serif;color:#888;letter-spacing:.01em">
              David M. Benett/Getty Images
             </span>
            </span>
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        <h2 class="css-10nzuqq" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
         <span>
          Scoop: A big departure in the nonprofit world
         </span>
        </h2>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          The top-ranking official at
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Laurene Powell Jobs’s
         </span>
         <span>
          education philanthropy has quietly left, Theodore Schleifer is first to report for DealBook.
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Russlynn Ali
         </span>
         <span>
          , who a decade ago helped found the nonprofit group XQ Institute with Powell Jobs, recently departed. Ali is one of Powell Jobs’s closest friends, so her exit has turned heads.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ali’s departure happened sometime this month.
         </span>
         <span>
          It came after
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          an article
         </a>
         <span>
          by “Inside Philanthropy” in mid-June that raised questions about Ali’s management style as the nonprofit’s C.E.O. In response, XQ told the publication that it was “reviewing these matters internally.”
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          “After thoughtful conversations with the board, Russlynn Ali made the decision to step down as C.E.O. of XQ,” XQ’s board said in a statement to The Times. “We are grateful for her innovative, groundbreaking work, and her role in founding and building this organization.” Ali did not respond to a request for comment.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Ali was a top official in the Education Department under Barack Obama.
         </span>
         <span>
          She joined Emerson Collective, Powell Jobs’s sprawling investment shop and family office, in 2012.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span>
          Three years later, she started an affiliated organization, the XQ Institute, which sought to revamp U.S. high schools. Ali will remain at Emerson Collective, a spokesman for XQ said.
         </span>
        </p>
        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Powell Jobs is one of America’s most influential philanthropists.
         </span>
         <span>
          Among the organizations she helps fund is College Track, a nonprofit she helped found in 1997 to support students from underserved communities. Powell Jobs, who was married to the Apple co-founder
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Steve Jobs
         </span>
         <span>
          , is worth about $10 billion, according to the
         </span>
         <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
          Bloomberg Billionaires Index
         </a>
         <span>
          .
         </span>
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        <p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Education has always been at the center of Powell Jobs’s philanthropic efforts.
         </span>
         <span>
          The XQ Institute raised about $567 million in donations over the past decade, according to available tax filings. Powell Jobs is chair of the nonprofit’s board, which also includes
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Yo-Yo Ma
         </span>
         <span>
          and
         </span>
         <span style="font-weight:700;font-family:arial,sans-serif;color:#000">
          Jimmy Iovine
         </span>
         <span>
          .
         </span>
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          Deals
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        <div style="margin:0 auto;max-width:600px;width:100%">
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               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Revolut has reportedly begun a secondary share offering that
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                values the British fintech company at $115 billion
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , up from $75 billion less than a year ago. (WSJ)
               </span>
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              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                Brookfield has agreed to
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                buy Aypa Power
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , a battery storage developer that provides infrastructure for data centers, for $7 billion, including debt. (Bloomberg)
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          Politics, policy and regulation
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                The fast-growing peptides industry
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                faces a major test
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                as the F.D.A. meets to review the substances’ health benefits. The hearing could pit agency scientists
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                against the agenda
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                of Health Secretary
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle;font-weight:700;font-family:arial,sans-serif;color:#000">
                Robert F. Kennedy Jr.
               </span>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                (AP, NYT)
               </span>
              </li>
              <li style="margin:0 0 10px 0;line-height:27.5px">
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                “How Tether Benefited as Trump Insiders Shaped
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                First U.S. Crypto Law
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                ” (Bloomberg)
               </span>
              </li>
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          Best of the rest
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                Even before
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                their loss yesterday
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                , the New York Mets were on pace to set an M.L.B.
               </span>
               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                record for financial futility
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . (The Athletic, WSJ)
               </span>
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                “A Teen Reporter
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               <a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font:normal 17px/25px georgia,serif;vertical-align:middle">
                Searched for His Community in the Epstein Files
               </a>
               <span style="font:normal 17px/25px georgia,serif;vertical-align:middle">
                . Adults Freaked Out.” (Wired)
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